4Q 2019 Results Presentation 30 January 2020 - CDL ...
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4Q 2019 Results Presentation
30 January 2020
Important Notice
This document may contain forward-looking statements that involve assumptions, risks and uncertainties. Actual future performance, outcomes and
results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions.
Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and
capital availability, competition from other developments or companies, shifts in expected levels of occupancy rate, property rental income, charge out
collections, changes in operating expenses (including employee wages, benefits and training costs), governmental and public policy changes and the
continued availability of financing in the amounts and the terms necessary to support future business. Predictions, projections or forecasts of the economy
or economic trends of the markets are not necessarily indicative of the future or likely performance of CDL Hospitality Trusts.
The value of Stapled Securities and the income derived from them may fall as well as rise. Stapled Securities are not obligations of, deposits in, or
guaranteed by M&C REIT Management Limited, as manager of CDL Hospitality Real Estate Investment Trust (the “H-REIT Manager”) or M&C Business
Trust Management Limited, as trustee-manager of CDL Hospitality Business Trust (the “HBT Trustee-Manager”), or any of their respective affiliates.
An investment in Stapled Securities is subject to investment risks, including the possible loss of the principal amount invested. Investors have no right to
request that the H-REIT Manager and/or the HBT Trustee-Manager redeem or purchase their Stapled Securities while the Stapled Securities are listed. It
is intended that holders of the Stapled Securities may only deal in their Stapled Securities through trading on Singapore Exchange Securities Trading
Limited (the “SGX-ST”). Listing of the Stapled Securities on the SGX-ST does not guarantee a liquid market for the Stapled Securities.
This presentation contains certain tables and other statistical analyses (the “Statistical Information") which have been prepared by the H-REIT Manager
and the HBT Trustee-Manager. Numerous assumptions were used in preparing the Statistical Information, which may or may not be reflected herein. As
such, no assurance can be given as to the Statistical Information’s accuracy, appropriateness or completeness in any particular context, nor as to whether
the Statistical Information and/or the assumptions upon which they are based reflect present market conditions or future market performance. The
Statistical Information should not be construed as either projections or predictions or as legal, tax, financial or accounting advice.
Market data and certain industry forecasts used throughout this presentation were obtained from internal surveys, market research, publicly available
information and industry publications. Industry publications generally state that the information that they contain has been obtained from sources believed
to be reliable but that the accuracy and completeness of that information is not guaranteed. Similarly, internal surveys, industry forecasts and market
research, while believed to be reliable, have not been independently verified by the H-REIT Manager or the HBT Trustee-Manager and neither the H-
REIT Manager nor the HBT Trustee-Manager makes any representations as to the accuracy or completeness of such information.
You are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view of the H-REIT Manager or the
HBT Trustee-Manager on future events.
This document and its contents shall not be disclosed without the prior written permission of the H-REIT Manager or the HBT Trustee-Manager.
2
About CDL Hospitality Trusts
CDL Hospitality Trusts (“CDLHT”) is one of Asia’s leading hospitality trusts with assets valued at S$2.85 billion. CDLHT is a stapled
group comprising CDL Hospitality Real Estate Investment Trust (“H-REIT”), a real estate investment trust, and CDL Hospitality
Business Trust (“HBT”), a business trust. CDLHT was listed on the Singapore Exchange Securities Trading Limited on 19 July
2006. M&C REIT Management Limited is the manager of H-REIT, the first hotel real estate investment trust in Singapore, and M&C
Business Trust Management Limited is the trustee-manager of HBT.
CDLHT was established with the principal investment strategy of investing in a portfolio of hospitality and/or hospitality-related real
estate assets. As at 31 December 2019, CDLHT owns 16 hotels and two resorts comprising a total of 5,088 rooms as well as a
retail mall. The properties under CDLHT’s portfolio include:
i. six hotels in the gateway city of Singapore comprising Orchard Hotel, Grand Copthorne Waterfront Hotel, M Hotel, Copthorne
King’s Hotel, Novotel Singapore Clarke Quay and Studio M Hotel (collectively, the “Singapore Hotels”) as well as a retail
mall adjoining Orchard Hotel (Claymore Connect);
ii. three hotels in Brisbane and Perth, Australia comprising Novotel Brisbane, Mercure Perth and Ibis Perth (collectively, the
“Australia Hotels”);
iii. two hotels in Japan’s gateway city of Tokyo, comprising Hotel MyStays Asakusabashi and Hotel MyStays Kamata
(collectively, the “Japan Hotels”);
iv. one hotel in New Zealand’s gateway city of Auckland, Grand Millennium Auckland (the “New Zealand Hotel”);
v. two hotels in United Kingdom (Hilton Cambridge City Centre in Cambridge and The Lowry Hotel in Manchester) (collectively,
the “UK Hotels”);
vi. one hotel in Germany’s gateway city of Munich, Pullman Hotel Munich (the “Germany Hotel”);
vii. one hotel in the historic city centre of Florence, Italy, Hotel Cerretani Firenze - MGallery (the “Italy Hotel” or “Hotel Cerretani
Firenze”); and
viii. two resorts in Maldives, comprising Angsana Velavaru and Raffles Maldives Meradhoo (collectively, the “Maldives Resorts”).
3
References Used in this Presentation
1Q, 2Q, 3Q, 4Q refers to the period 1 January to 31 March, 1 April to 30 June, 1 July to 30 September and 1 October to 31 December
respectively
1H and 2H refers to the period 1 January to 30 June and 1 July to 31 December respectively
ARR refers to average room rate
AUD refers to Australian dollar
CCS refers to cross currency swap
DPS refers to distribution per Stapled Security
EUR refers to Euro
FY refers to financial year for the period from 1 January to 31 December
GBP refers to British pound
JPY refers to Japanese yen
NPI refers to net property income
NZD refers to New Zealand dollar
pp refers to percentage points
RCF refers to revolving credit facility
RevPAR refers to revenue per available room
SGD refers to Singapore dollar
TMK refers to Tokutei Mokuteki Kaisha
USD refers to US dollar
YoY refers to year-on-year
YTD refers to year-to-date
All values are expressed in Singapore dollar unless otherwise stated
Note: Due to rounding, numbers presented throughout this document may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures 4
Table of Contents
Key Highlights 6
Portfolio Summary 12
Healthy Financial Position 17
Singapore Market 22
Overseas Markets 32
Asset Enhancement Plans 40
Annexe 50
− Background and Structure of CDL Hospitality Trusts 50
− Location of CDL Hospitality Trusts Properties 65
5
Key Highlights
6
Key Highlights of the Year
Investing Close to S$800M in Two Singapore Hotels
Redevelopment of Novotel Singapore Clarke Quay* Acquisition W Singapore – Sentosa Cove*
Divestment of NCQ (57-year leasehold) for S$375.9M at 87% Secured luxury lifestyle hotel for S$324.0 million in tightly-held
premium over initial purchase price, unlocking value and Singapore market
redevelopment potential Sentosa will be a key future tourism driver for Singapore,
Forward purchase of a brand new, lifestyle hotel (fresh 99- various expansion plans will enhance Singapore’s
year leasehold (1)) at redeveloped Liang Court Site (2) at a attractiveness as a premier tourist destination
capped fixed price of S$475M or lower of 110% of W Hotel to be a beneficiary of the demand growth expected to
development cost be generated by the various medium to long-term plans
Achieved primary objective of retaining presence on Liang Capital value underpinned by high quality asset with generous
Court Site in prized Clarke Quay location room sizes
Both landmark transactions recently approved by Stapled Securityholders with >99% votes in favour
* Novotel Singapore Clarke Quay (“NCQ”), W Singapore – Sentosa Cove (“W Hotel”)
(1) From acceptance of lease renewal
(2) Liang Court Site comprises NCQ, Liang Court mall and Somerset Liang Court Singapore (“Liang Court Site”) 7
Key Highlights of the Year
Continued Investment in Existing Singapore Hotels to Stay Competitive
Makeover project for Orchard Hotel
started in 2018 and was completed in
2019, covering:
260 rooms in Orchard Wing
Lobby, all meeting spaces and F&B
outlets
Ongoing / planned asset improvement
projects for other Singapore Hotels
Grand Deluxe Room, Orchard Hotel Grand Ballroom, Orchard Hotel
RevPAR of Singapore Hotels
RevPAR YoY % Change in 2019 RevPAR in 2H
6.0% S$
5.1% 5.0%
4.9% 180 171 Two consecutive quarters of yoy
5.0%
162 RevPAR growth for Singapore Hotels
4.0%
160
3.0% Strongest periods of growth observed
2.0% 140 since 2012
1.0%
0.0% 120
-1.0% 1Q 2Q 3Q 4Q 2H 2018 2H 2019
-2.0%
-1.7%
-3.0% -2.4%
8
Results Highlights (4Q 2019)
Total Distribution (After DPS (1)
Net Property Income
Retention of Working Capital)
1.2% YoY 0.6% YoY 0.0% YoY
S$ million S$ million S$ cents
38.4 38.0 33.4 33.6
40.0 35.0 3.00 2.77 2.77
30.0 2.50
35.0 25.0
30.0 20.0 2.00
15.0 1.50
25.0 1.00
10.0
20.0 5.0 0.50
15.0 0.0 0.00
4Q 2018 4Q 2019 4Q 2018 4Q 2019 4Q 2018 4Q 2019
Higher NPI contribution from Singapore Hotels due to stronger performance
Highest quarterly YoY RevPAR growth since 2012
Inorganic contribution from Hotel Cerretani Firenze (2)
Overall NPI decreased slightly as lower contribution from other overseas markets more than offset growth
Significant portion of decline was due to expected reduced income from Pullman Hotel Munich, stemming from cyclicality in the city’s events
calendar
Total distribution in 4Q 2019 increased 0.6% YoY and DPS remained stable
Includes a partial distribution of proceeds from sale of Mercure and Ibis Brisbane
(1) Represents total distribution per Stapled Security (after retention of working capital). Total distribution per Stapled Security (before retention) for 4Q 2019 is 2.98 cents
(2) Hotel Cerretani Firenze was acquired on 27 Nov 2018 9
Results Highlights (FY 2019)
Total Distribution (After DPS (1)
Net Property Income
Retention of Working Capital)
3.3% YoY 2.0% YoY 2.6% YoY
S$ million S$ million 111.6 S$ cents
146.1 141.2 112.0 109.4 9.26
150.0 10.00 9.02
130.0 104.0 8.00
110.0 96.0 6.00
90.0 88.0 4.00
70.0 80.0 2.00
50.0 72.0 0.00
FY 2018 FY 2019 FY 2018 FY 2019 FY 2018 FY 2019
NPI declined due to:
Extensive renovation works at Orchard Hotel and absence of 2 major biennial events and a series of meetings/events for ASEAN
Chairmanship in 2018 for Singapore during 1H 2019
Closure of Raffles Maldives Meradhoo for renovation (2) and some disruption from renovation works in Angsana Velavaru
Decrease in contribution from some overseas markets (in part due to weaker currencies)
Partially mitigated by stronger 2H performance of Singapore Hotels, higher NPI for Pullman Hotel Munich and inorganic contribution from Hotel
Cerretani Firenze (3)
Total distribution and DPS lower as a result of the:
Decrease in overall NPI
Higher interest expense, mainly due to additional loans for asset enhancements, acquisition of Hotel Cerretani Firenze, as well as higher
funding costs
(1) Represents total distribution per Stapled Security (after retention of working capital). Total distribution per Stapled Security (before retention) for FY 2019 is 9.83 cents
(2) Resort was closed in Jun 2018 and opened in end Sep 2019
(3) Hotel Cerretani Firenze was acquired on 27 Nov 2018 10Details of Distribution
Distribution for the period 1 Jul 2019 to 31 Dec 2019 (after retention and including capital distribution) is
4.86 Singapore cents per Stapled Security comprising:
3.33 Singapore cents of taxable income + 0.52 Singapore cents of tax exempt income + 1.01 Singapore
cents of capital distribution
February 2020
Mon Tue Wed Thu Fri Sat Sun
Closure of books: 1 2
5 pm on 7 February 2020
3 4 5 6 7 8 9
10 11 12 13 14 15 16
Distribution Date:
26 February 2020 17 18 19 20 21 22 23
24 25 26 27 28 29
11Portfolio Summary
12NPI Performance by Geography
4Q ’19 4Q ’18 Change YoY FY ’19 FY ’18 Change YoY
S$’000 S$’000 S$’000 Change S$’000 S$’000 S$’000 Change
Singapore 24,566 23,527 1,039 4.4% 87,880 87,445 435 0.5%
New Zealand 4,699 4,846 (147) -3.0% 16,320 17,831 (1,511) -8.5%
Australia 2,249 2,368 (119) -5.0% 9,139 9,832 (1) (693) -7.0%
United Kingdom 3,310 3,299 11 0.3% 12,663 12,804 (141) -1.1%
Germany 1,861 2,703 (842) -31.2% 9,862 9,747 115 1.2%
Italy (2) 490 118 372 N.M 2,818 118 2,700 N.M
Maldives
(Closure of one resort (277) 258 (535) N.M (1,312) 3,425 (4,737) N.M
for renovations)
Japan 1,069 1,293 (224) -17.3% 3,792 4,852 (1,060) -21.8%
Total 37,967 38,412 (445) -1.2% 141,162 146,054 (4,892) -3.3%
(1) Includes 11 days of fixed rental income from Mercure Brisbane and Ibis Brisbane, which were divested on 11 Jan 2018
(2) Hotel Cerretani Firenze was acquired on 27 Nov 2018 13Well-Balanced NPI Exposure
Breakdown of Portfolio NPI by Country for FY 2018 and FY 2019 (1)
FY 2018 NPI – S$146.1 million FY 2019 NPI – S$141.2 million
Oceania
New Zealand: 12.2%
Australia: 6.7% (2) Oceania
Singapore Singapore New Zealand: 11.6%
Australia: 6.5%
18.9%
18.0%
15.5% Europe
UK: 9.0%
Europe 62.3% 18.0% Germany: 7.0% (3)
59.9% UK: 8.8% Italy: 2.0% (3)(4)
5.7% Germany: 6.7% (3)
Italy: 0.1% (4) 1.8%
Other Asia
Maldives: 2.3% Other Asia
Japan: 3.3% Maldives: N.M
Japan: 2.7%
(1) Numbers may not add up due to rounding
(2) Includes 11 days of fixed rental income from Mercure Brisbane and Ibis Brisbane, which were divested on 11 Jan 2018
(3) On the basis of a 100% interest before adjustment of non-controlling interests. CDLHT owns an effective interest of 94.5% and 95.0% in Pullman Hotel Munich and Hotel Cerretani
Firenze respectively
(4) Acquisition of Hotel Cerretani Firenze was completed on 27 Nov 2018 14Consistent Growth in Portfolio
2.3% YoY Growth in Portfolio Valuation as at 31 December 2019 (1)
S$ M
3,000 2,847
2,743 2,783
CAGR = 9.4% (2) 225
213 230
2,469 2,438
2,500 2,355
443
2,239 270 248 375 451
258
2,030 2,045 179 133 111
2,000 328
343
335 327 450 363
1,787 355 350 395
1,629 Sub-Prime
1,481 1,502 352
128
1,500 93 110
1,102
123
1,000 846
1,726 1,769 1,740 1,837
1,675 1,695 1,684 1,705 1,739
1,501 1,435
1,388 1,392
500 979
846
0
IPO 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Singapore Oceania Europe Other Asia
(1) Numbers may not add up due to rounding
(2) CAGR from IPO to 31 Dec 2019 15Geographically Diversified Portfolio
Breakdown of Portfolio Valuation as at 31 December 2019 (1)
Singapore 64.5% Oceania 12.1%
Orchard Hotel 16.4% New Zealand – Grand 7.0%
Europe
Millennium Auckland
Grand Copthorne Waterfront Hotel 13.0%
Australia 5.0%
Oceania
Novotel Singapore Clarke Quay 12.9%
Novotel Brisbane 2.4%
M Hotel 8.6%
Mercure Perth 1.6%
Studio M Hotel 6.1%
Ibis Perth 1.0%
Copthorne King’s Hotel 4.2% Other
Asia Other Asia 7.9%
Claymore Connect 3.3% Singapore
Maldives 4.9%
Europe 15.6%
Angsana Velavaru 2.7%
United Kingdom 7.1%
Portfolio Valuation Raffles Maldives Meradhoo 2.1%
Hilton Cambridge City Centre 3.9%
S$2.85 billion
Japan 3.0%
The Lowry Hotel (Manchester) 3.2%
MyStays Asakusabashi 1.8%
Germany – Pullman Hotel Munich (2) 6.1% (Tokyo)
Italy – Hotel Cerretani Firenze (2) 2.3% MyStays Kamata (Tokyo) 1.2%
(1) All properties, excluding Novotel Singapore Clarke Quay, were valued as at 31 Dec 2019. Novotel Singapore Clarke Quay was valued by Colliers International Consultancy &
Valuation (Singapore) Pte Ltd on 15 Oct 2019.
(2) On the basis of a 100% interest before adjustment of non-controlling interests. CDLHT owns an effective interest of 94.5% and 95.0% in Pullman Hotel Munich and Hotel Hotel
Cerretani Firenze respectively 16Healthy Financial Position
17Strong and Flexible Balance Sheet
Robust balance sheet with low gearing of 35.4% and ample debt headroom of S$526 million
Strong interest coverage ratio of 6.1x due to CDLHT’s proactive debt capital management
Well-positioned to actively pursue suitable acquisition opportunities and asset enhancement initiatives
Key Financial Indicators
As at 31 Dec 2019 As at 30 Sep 2019
Debt Value (1) S$1,068 million S$1,062 million
Total Assets S$3,061 million S$2,958 million
Gearing (2) 35.4% 36.3%
Interest Coverage Ratio (3) 6.1x 5.9x
CDLHT Debt Headroom at 45% S$526 million S$461 million
Weighted Average Cost of Debt 2.2% 2.3%
Net Asset Value per Stapled Security S$1.5240 S$1.4606
Fitch Issuer Default Rating BBB- BBB-
(1) Debt value is defined as bank borrowings and the TMK Bond which are presented before the deduction of unamortised transaction costs
(2) For purposes of gearing computation, the total assets exclude the effect of FRS 116/SFRS(I) Leases (adopted wef 1 Jan 2019). Refer to Page 25 Note 5 of the financial
statements announcement
(3) CDLHT’s interest cover is computed using FY 2019 and YTD Sep 2019 NPI divided by the total interest paid/ payable in FY 2019 and YTD Sep 2019 respectively 18Diversified Sources of Debt Funding
Debt Facility Details as at 31 Dec 2019 (1)
Multi-currency MTN Programme / Issued / Utilised Unissued / Unutilised
Tenure (years)
Facilities Amount Amount
S$1 billion MTN - - S$1.0B
S$250 million RCF (Committed) S$191.9M 3 S$58.1M
S$500 million Bridge Facility - - S$500.0M
Total S$191.9M
SGD Local Currency
Term Loans / Bond Tenure (years)
Amount Amount
SGD Term Loans S$273.6M S$273.6M 5
USD Term Loan S$88.1M US$65.0M 5
GBP Term Loans S$212.0M £120.5M 5
EUR Term Loan S$66.1M €44.0M 7
EUR/USD Cross Currency Swaps (2) S$157.4M €99.5M 5
JPY Term Loan S$40.4M ¥3.3B 5
JPY TMK Bond S$38.3M ¥3.1B 5
Total S$876.0M
Total Debt Value S$1,067.8M
(1) Numbers may not add up due to rounding
(2) Term loans fixed via a EUR/USD cross currency swap 19Debt Maturity Profile as at 31 Dec 2019
US$65.0 million 5-year term loan was successfully refinanced in Dec 2019
Well-balanced maturity profile with 60% of total debt maturing from 2022 onwards
Debt Maturity Profile (1)(2)
S$ million Currency Amount Type Expiry
Weighted Average Debt to Maturity ~ 2.9 years
400 Fixed Term Loan and
348 JPY S$78.8M Sep 2020
TMK Bond
32.6%
350 SGD S$83.6M Floating Term Loan Aug 2021
300 GBP S$117.0M Floating Term Loan Aug 2021
242
SGD S$147.9M (3) Floating RCF Dec 2021
250 22.7% 212
19.9% SGD S$44.0M Floating RCF Mar 2022
200 Term Loan fixed via
EUR S$103.2M Nov 2022
120 EUR/USD CCS
150
11.2% GBP S$95.0M Fixed Term Loan Dec 2022
79
100 66
7.4% SGD S$120.0M Fixed Term Loan Jun 2023
6.2%
50 Term Loan fixed via
EUR S$54.2M Jul 2024
EUR/USD CCS
0 SGD S$70.0M Fixed Term Loan Aug 2024
2020 2021 2022 2023 2024 2025
USD S$88.1M Floating Term Loan Dec 2024
EUR S$66.1M Fixed Term Loan Apr 2025
(1) Numbers may not add up due to rounding
(2) Based on exchange rates of US$1 = S$1.3548, £1 = S$1.7593, €1 = S$1.5028 and S$1 = ¥80.8407
(3) Multi-currency RCF 20Debt Profile as at 31 Dec 2019
Debt Currency Profile (1)(2)(3) Interest Rate Profile (1)(2)(3)
JPY Fixed Rate Floating Rate
7.4% Borrowings Borrowings
USD
8.2% SGD 40.8% 59.2%
USD - 100.0%
SGD
43.6% GBP 44.8% 55.2%
GBP
19.9%
JPY 100.0% -
EUR (4) 100.0% -
EUR (4) Blended Total 55.0% 45.0%
20.9%
(1) Numbers may not add up due to rounding
(2) Based on exchange rates of US$1 = S$1.3548, £1 = S$1.7593, €1 = S$1.5028 and S$1 = ¥80.8407
(3) Based on effective currency exposure
(4) Term loans fixed via EUR/USD cross currency swaps, effective exposure is in EUR 21Singapore Market
22CDLHT Singapore Properties Performance
YoY YoY
CDLHT Singapore Hotels 4Q ’19 4Q ’18 FY’19 FY’18
Change Change
Occupancy 87.2% 85.8% 1.4pp 87.5% 86.9% 0.6pp
ARR S$192 S$186 3.3% S$185 S$184 0.9%
RevPAR S$168 S$160 5.1% S$162 S$160 1.6%
RevPAR uplift driven by room rate growth and high
occupancy, which were supported by:
Healthy visitor arrivals
Strong convention business resulting in citywide
demand compression
Positive growth delivered despite ongoing room
renovations at Copthorne King’s Hotel since Oct 2019
Limited future supply is supportive for the hotel sector
As at 31 Dec 2019, committed occupancy of Claymore
Connect was 90%
Lobby, Orchard Hotel
23Healthy Growth in Tourism Demand
Visitor arrivals to Singapore grew 2.9% YoY to 17.4 million for YTD Nov 2019 (1)
2020 will see the return of biennial city-wide events such as the Singapore Airshow and Food&HotelAsia
and a number of inaugural events (2) such as the:
International Trademark Association’s 142nd Annual Meeting (~8,000 attendees)
103rd Lions Clubs International Convention (~20,000 foreign attendees)
International Visitor Arrivals to Singapore (1)
Million
12-year CAGR = 5.5% 2.9%
20.0 18.5
17.4 17.4
16.4 16.9
15.6 15.1 15.2
14.5
15.0 Sub-Prime 13.2
11.6
9.8 10.3 10.1 9.7
10.0
5.0
0.0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
IPO
Full Year Visitor Arrivals STB Forecast Arrivals YTD Nov Visitor Arrivals
(1) Singapore Tourism Board (“STB”)
(2) STB, “STB unveils a selection of over 60 lifestyle experiences to entice business groups to Singapore”, 10 Sep 2019 24Geographical Mix of Top Markets (Singapore)
Increased visitation from China, USA, Japan and Indonesia contributed more than 75% of the growth
recorded
8 out of the top 10 inbound markets showed growth for YTD Nov 2019
Geographical Mix of Visitor Arrivals Top 10 Inbound Markets
For YTD Nov 2019 (1)(2) YoY Change for YTD Nov 2019 (1)(2)(3)
Others China USA 12.7%
26% 19%
Philippines 6.7%
Japan 6.3%
China 5.5%
UK Indonesia 2.6%
3% Indonesia
16% Australia 2.3%
South Korea
3% UK 2.0%
USA South Korea 1.6%
4% India
8% -1.7% India
Philippines
4% Malaysia -2.2% Malaysia
Japan Australia 6% -5.0% 0.0% 5.0% 10.0% 15.0%
5% 6%
(1) Numbers may not add up due to rounding
(2) Based on STB’s statistics published on 30 Dec 2019
(3) The top 10 inbound markets are ranked according to growth rates in descending order 25Singapore – Diversified Long Term Growth Drivers
of Demand
Top international meeting country for the 11th
year running in 2018 (1)
MICE 103rd Lions Clubs gamescom Rotary International Growing status as a leading MICE destination
International Convention asia Convention
2020 2024
with prominent events being added to its
2020
Expected Attendees: 20,000 Expected Attendees: 30,000 Expected Attendees: 24,000 calendar
Strong leisure and entertainment offerings and
continued investment in tourism infrastructure:
To boost leisure tourism
Leisure
Add to Singapore’s appeal as a MICE
destination
Encourage increase in the length of stay
Singapore as a business and financial hub will
Business continue to drive corporate travel into the city
Image Credits: Lions Clubs International Convention, asia gamescom, Rotary International Convention, Changi Airport Group, STB, F1, Michelin Guide, UFC, International Champions
Cup, HSBC Singapore Rugby 7s
(1) Singapore Exhibition & Convention Bureau, “Conferences, Events & Business Awards” 26Singapore – Investment in Tourism Infrastructure
for Decades Ahead
New Large-Scale Tourism Projects Being Planned Across the Entire Island
Changi Airport Jurong Lake District (3)
Jewel Changi Airport augments Set to be a new growth area with
Changi Airport’s position as one of two precincts – the commercial hub
the world’s best airports (1) at Jurong Gateway, and leisure
and recreational activities at
Extensive makeover of Terminal 2
Lakeside
by 2024 to increase passenger
capacity and enhance experience (2) A 7-ha site has been set aside for
an integrated tourism development
Terminal 5 is slated to open by
that will include attractions,
2030, which will double current
eateries and retail shops
capacity to 150 million passengers
per annum
Mandai Nature Precinct (4) Orchard Road (5)
Rejuvenation of Mandai into an Revamp of Orchard Road shopping
integrated nature and wildlife belt via 4 sub-precincts with new
destination retail concepts and attractions
Eco-tourism hub will house the Tanglin – Arts and lifestyle
new Bird Park and Rainforest Park
Orchard – Retail core
Development will be completed in
Somerset – Youth hub
phases, with the Bird Park and
Rainforest Park scheduled to open Dhoby Ghaut – Green and
by 2020 and 2021 respectively family-friendly attractions
Image Credits: STB, Mandai Park Holdings
(1) Jewel Changi Airport Fact Sheet
(2) Straits Times, “Changi's T2 will be greener, more spacious by 2024”, 17 Jan 2020
(3) Today, “Part of Jurong Lake District to be developed into a key tourist attraction by 2026”, 16 Apr 2019
(4) Channel NewsAsia, “New Mandai eco-tourism hub to feature global wildlife, create jobs”, 16 Jan 2017
(5) Straits Times, “Major revamp of Orchard Road announced with new developments, different offerings in sub-precincts”, 30 Jan 2019 27Singapore – Investment in Tourism Infrastructure
for Decades Ahead (Con’t)
New Large-Scale Tourism Projects Being Planned Across the Entire Island
Greater Southern Waterfront (1) Sentosa-Brani Masterplan (2)
Shifting of city port terminals and Reshaping Sentosa and Pulau
Pasir Panjang terminal to Tuas by Brani into a premier leisure and
2027 and 2040 respectively tourism destination over next 2 to 3
decades
Frees up ~2,000ha of land for a
new waterfront city (6x Marina Bay Both islands will be divided into 5
size) distinct zones for redevelopment
A new major gateway and vibrant Brani will be linked to Sentosa and
location for waterfront lifestyle mainland and will have large scale
attractions, recreational options attractions similar to USS
homes and offices
Marina Bay Sands (3) Resorts World Sentosa (3)
Marina Bay Sands to add 4th new Resorts World Sentosa expanding
tower which will have 30%-40% with multiple new attractions
more MICE space and a 15,000-
New Minion Park and Super
seat arena
Nintendo World in Universal
The new arena will be optimised Studios Singapore
for concerts with state-of-the-art
SEA Aquarium expanding to 3x its
production infrastructure, with the
current size
aim of drawing A-list artists
Phased opening of attractions from
Increase in gaming space
2020 to 2025
Image Credits: STB
(1) Straits Times, “National Day Rally 2019: 'Downtown South' resort likely to be built on Pulau Brani”, 19 Aug 2019
(2) Straits Times, “Sentosa Merlion to make way for new $90m themed linkway as part of Sentosa-Brani masterplan”, 21 Oct 2019
(3) Business Times, “Singapore IRs bet on S$9b expansion; exclusive licences extended to 2030”, 4 Apr 2019 28Singapore – Transformative Leisure and Tourism
Offerings Underway for Sentosa
Sentosa-Brani Masterplan (1)(2)
1 Vibrant Cluster Zone
Greater Southern
Waterfront Mega Spans both islands, will
have large scale
Development attractions
2 Island Heart Zone
RWS Expansion
3 Features hotels,
conference spaces, dining
and retail shops
1 3 Waterfront Zone
Pulau Brani will house a
“futuristic” Discovery Park
2
4 Ridgeline Zone
Connect green spaces
4 from Mt Faber to Mt
Imbiah; nature and
Sensoryscape 5 heritage attractions
1st
project under Masterplan (4Q
2019 to 2022)
S$90m, two-tiered walkway to W Hotel
5 Beachfront Zone
link RWS with Sentosa beaches To be rejuvenated with a
Comprising 30,000 sqm, it will water show, fair ground
be a multi-sensory experience and other attractions
Map is purely for illustration only and was adapted from public sources, as such, it may not be drawn to scale, fully accurate nor fully reflective of the actual zoning areas
(1) Straits Times, “Sentosa Merlion to make way for new $90m themed linkway as part of Sentosa-Brani masterplan”, 16 Apr 2019
(2) Zaobao, “让路给圣淘沙未来发展 圣淘沙鱼尾狮塔10月20日走入历史”, 21 Sep 2019 29Limited Growth in Singapore Hotel Room Supply
An estimated 789 rooms opening this year, representing approximately 1.1% of existing room stock (1)
Supply growth going forward is benign at a low CAGR of 0.8% for the next 4 years
Current and Expected Hotel Room Supply in Singapore (1)
No. of Hotel Rooms
4-year CAGR = 0.8%
80,000
75,000 403 338
789 717
0.6% 0.5% 70,944
1.1% 1.0%
70,000 68,697
70,203 70,606
68,697 69,486
65,000
60,000
55,000
50,000
End-2019 2020 2021 2022 2023 End-2023
Hotel Supply as at End-2019 Estimated Future Hotel Supply Estimated Hotel Supply by End-2023
(1) New supply of rooms is a summation of new rooms deducted by existing rooms taken out of inventory
Sources: STB, Horwath HTL (as at Dec 2019) and CDLHT research 30Potential Supply of New Singapore Hotel Rooms
Until 2023
No. of Expected No. of Expected
Name of Hotel Horwath Rating Location Name of Hotel Horwath Rating Location
Rms Opening Rms Opening
Outside City Outside City
Dusit Thani Laguna Singapore 206 Upscale/Luxury 2Q 2020 Rochester Commons 135 Upscale/Luxury 2021
Centre Centre
The Clan 324 Mid-Tier City Centre 2Q 2020
Outside City
Aqueen Hotel Geylang 100 Economy 2021
Centre
THE EDITION by Marriott 190 Upscale/Luxury City Centre 3Q 2020
Pullman Singapore 342 Upscale/Luxury City Centre 2022
Outside City
Aqueen Hotel Lavender 69 Economy 2020
Centre
Raffles Sentosa Resort & Spa
61 Upscale/Luxury Sentosa 2022
Pan Pacific Orchard Hotel Singapore
340 Upscale/Luxury City Centre 2021
Redevelopment
Outside City
Artyzen 142 Upscale/Luxury City Centre 2021 Banyan Tree Mandai 338 Upscale/Luxury 2023
Centre
Year No. of Rms Upscale/Luxury Mid-Tier Economy
2020 789 396 50% 324 41% 69 9%
2021 717 617 86% 0 0% 100 14%
2022 403 403 100% 0 0% 0 0%
2023 338 338 100% 0 0% 0 0%
(1)
Total (2020 – 2023) 2,247 1,754 72% 324 14% 169 8%
(1) Numbers may not add up due to rounding
Sources: Horwath HTL (as at Dec 2019) and CDLHT research 31Overseas Markets
32CDLHT New Zealand Hotel Performance
Total arrivals to New Zealand increased 0.8% YoY to 3.4 million for YTD November 2019 (1)
RevPAR for Grand Millennium Auckland increased 0.5% YoY for 4Q 2019 with healthy business in the high
season, supported by a stronger concerts calendar
NPI contribution in local currency terms improved slightly but was negatively affected by a weaker NZD
Growing hotel room stock in Auckland is likely to result in an increasingly competitive trading environment
In early 2021, Auckland will host a major sporting event: the America’s Cup sailing regatta and related
challenger series
Expected to drive hotel demand in the lead up to and during the event (2)
Grand Millennium Auckland Lobby, Grand Millennium Auckland
(1) Statistics – Tourism New Zealand
(2) CBRE Valuation Report (Grand Millennium Auckland), 31 Dec 2019 33CDLHT Australia Hotels Performance
No damage to Australia Hotels from country’s bushfires
Lease structure of the Australia Hotels provides CDLHT with fixed rent in local currency
Contribution for 4Q 2019 was affected by a weaker AUD
Beccaria Bar, Mercure Perth Gourmet Bar, Novotel Brisbane
34CDLHT Maldives Resorts Performance
4Q 2019 RevPAR for Angsana Velavaru declined 18.6% YoY as resort was affected by disruption from
renovation works and increased competition from supply growth
Raffles Maldives Meradhoo welcomed its first five-night buy-out since official opening in Sep 2019 due to
ongoing extensive sales and marketing efforts, which contributed significantly to revenue in 4Q 2019
Resort will undergo a gestation period for a few years before reaching a normalised occupancy level
While tourism demand in Maldives is healthy, driven by growth in Indian and European arrivals (1), trading
conditions continue to remain highly competitive in the near term due to new resorts supply
The government is also stepping up efforts to boost tourism, with a recent proposal to increase the 2020
state budget for tourism promotion by close to fifty percent (2)
InOcean Villa (Exterior), Angsana Velavaru Ocean Villa, Raffles Maldives Meradhoo
(1) Ministry of Tourism, Republic of Maldives, Tourism Monthly Updates
(2) Maldives Insider, “Maldives proposes tourism marketing budget hike, allocates $9.98 mln for 2020”, 6 Nov 2019 35CDLHT Japan Hotels Performance
Visitor arrivals grew 2.2% YoY to 31.9 million for 2019 (1) but the Japan-South Korea trade spat continues to
weigh on the economy and hospitality market
South Korean visitation, the 2nd largest source market, sharply declined by 64.7% (1) in 4Q 2019
Coupled with a softer citywide events and concert calendar, new limited-service hotel supply and rebound in
number of alternative accommodation listings (such as Airbnb) (2), RevPAR for the Japan Hotels declined by
14.4% YoY this quarter
Consumption tax hike (3) expected to affect consumer sentiment and spending
Demand driven by the Tokyo 2020 Olympics and Paralympics will provide some rate maximising
opportunities due to expected citywide compression
Looking further, new upcoming theme park attractions in Tokyo (between 2020 to 2022) and development of
integrated resorts will encourage future growth
Twin Room, MyStays Kamata Queen Room, MyStays Asakusabashi Modern Twin Room Aoba, MyStays Asakusabashi
(1) Japan National Tourism Organization
(2) Reuters, “Airbnb touts Japan recovery, bolstered by hotel listings”, 6 Jun 2019
(3) Business Times, “Japan proceeds with twice-delayed sales tax hike as growth sputters”, 1 Oct 2019 36CDLHT UK Hotels Performance
Fewer sporting events and a softer entertainment calendar affected The Lowry Hotel’s performance
Hilton Cambridge City Centre’s RevPAR declined marginally amidst a competitive trading environment
Overall, RevPAR of the UK Hotels decreased 3.7% YoY in 4Q 2019
Despite top line pressure, NPI was maintained at last year’s level
Both cities will see an increase in hotel room inventory in the near term
Public space at Lobby, The Lowry Hotel Executive Lounge, Hilton Cambridge City Centre
37CDLHT Germany Hotel Performance
Pullman Munich Hotel’s performance is driven by the cyclical nature of Munich’s fair calendar (1):
1H 2019 had 2 major events, which saw the hotel deliver a robust performance
2H 2019 had fewer events with the absence of a major congress and trade fair in 4Q, leading to
RevPAR contraction of 10.2% this quarter, which was fully anticipated
1H 2020 will see fewer events and this is expected to turn around in 2H 2020 with a robust line-up of
events
Munich’s tourism demand remains healthy with total arrivals growing 5.6% YoY to 8.0 million for YTD Nov
2019 (2)
Superior Room, Pullman Hotel Munich Lobby, Pullman Hotel Munich
(1) Events Eye
(2) München Tourismus 38CDLHT Italy Hotel Performance
Total visitor arrivals to Florence remains largely unchanged for YTD Sep 2019 (1)
Hotel Cerretani Firenze recorded a RevPAR increase of 2.6% YoY in 4Q 2019 (2), largely driven by growth
in room rate
Bar, Hotel Cerretani Firenze Superior Room, Hotel Cerretani Firenze
(1) Città Metropolitana Di Firenze
(2) The YoY RevPAR comparison assumes CDLHT owned Hotel Cerretani Firenze for the full corresponding period 39Asset Enhancement Plans
40Enhancing Competitiveness of Assets
Singapore
Continued investment to enhance competitiveness of
Singapore Hotels
Copthorne King’s Hotel: Signature Queen Room (New) – Copthorne King’s Hotel
Pipe works and refurbishment of guest rooms are currently
being carried out and are expected to complete in mid 2020
Phased refurbishment to help minimise disruption and the
hotel remains operational
Asset enhancement opportunities in other Singapore Hotels
are also being evaluated strategically
Signature Twin Room (New) – Copthorne King’s Hotel
41Asset Enhancement Plans – Copthorne King’s Hotel
Superior Room (before) Signature Studio (after)
Progressive renovation ongoing
42Enhancing Competitiveness of Assets
Maldives Strengthening Maldives Resorts’ product offerings amidst rising
competition
Raffles Maldives Meradhoo:
Gestation period of a few years is expected before reaching a
normalized occupancy level
Building up awareness of resort through sales and marketing
activities:
Raffles Maldives Meradhoo
Travel partners visiting the resort first before actively
promoting the refurbished resort into the market
Construction of new Presidential Villa, increasing key count from
37 to 38
Angsana Velavaru:
43 of the 79 land villas have been renovated, with infinity pools
added to 24 of these villas at the end of 2019
Angsana Velavaru
43Asset Enhancement Plans – Raffles Maldives
Meradhoo
New Presidential Villa (concept drawings – may be subject to changes)
44Asset Enhancement Plans – Angsana Velavaru
New infinity pools added to Land Villas
45Enhancing Competitiveness of Assets
United Kingdom
Upgrades at The Lowry Hotel to augment its position as The Lowry Hotel
the top hotel in Manchester
Five rooms were upgraded to junior suites in Oct 2019
At Hilton Cambridge City Centre, refurbishment of the
lounge bar was completed in Oct 2019
Hilton Cambridge City Centre
46Asset Enhancement Plans – The Lowry Hotel
Junior Suite – Completed in Oct 2019
47Asset Enhancement Plans – The Lowry Hotel
(Con’t)
Junior Suite – Completed in Oct 2019
48Asset Enhancement Plans – Hilton Cambridge
City Centre
Lounge Bar – Completed in Oct 2019
49Background and Structure
of CDL Hospitality Trusts
50Background on CDLHT
Background Price Performance
IPO on 19 July 2006
Listed on SGX
Mainboard
Sponsored by
Millennium &
Copthorne Hotels
Limited
First Hotel REIT in
Asia ex Japan
Market Capitalisation
S$2.0 billion as of 24
Jan 2020
Source: Bloomberg 51CDLHT Structure
Sponsor Investors
≈37.77% Holdings of Stapled Securities ≈62.23%
as at 31 Dec 2019 as at 31 Dec 2019
H-REIT Distributions HBT
Acts on behalf of
DBS Trustee the holders of H-
REIT Units
Stapling
Deed
Management
Management services
M&C REIT services M&C Business Trust
Management Limited H-REIT Rent HBT Acts on behalf
Management Limited
(H-REIT Manager) (owner and lessor) (owner or lessee) of the holders of (HBT Trustee-Manager)
Lease of the HBT Units
Hotels
Lease of
Rent
Hotels
Master
Active asset management Lessees
in close collaboration
with master lessees
Hotel Manager Hotel Manager
Note: For simplicity, the diagram does not include the relationships in relation to Claymore Connect. The H-REIT Manager manages Claymore Connect directly, hence the various
tenants of the retail units at Claymore Connect make rental payments directly to H-REIT under the terms of their respective leases. 52Blue Chip Sponsor and Parentage
Millennium & Copthorne Hotels Limited City Developments Limited
Internationally recognised hospitality and real One of the largest property developers in
estate group which owns and/or operates a Singapore with a market capitalisation of
portfolio of over 120 hotels worldwide ~ S$9.9 billion (1)
Subsidiary of City Developments Limited Debt to assets ratio of 36.5% as at 30 Sep 2019
(1) As at 24 Jan 2020
Source: Bloomberg 53Management Strategy
1 Acquisition Growth Strategy
Pursue quality assets with growth potential
Adopt a medium to long term perspective to ride through
market cycles
1 2 Partner with or tap on potential pipeline from M&C / CDL
Capitalise on historically low interest rates in certain markets
to enjoy spread over funding costs
2 Asset Management Strategy
Financial
Work closely with master lessees and/or hotel managers to
Foundation implement active revenue and cost management
Implement asset enhancement initiatives to optimise asset
3 potential
Evaluate divestment opportunities periodically to recycle
capital for better returns and unlock underlying asset values
3 Capital and Risk Management Strategy
Growing unitholders’ value via acquisition
and organic growth while keeping a firm Maintain a healthy balance sheet
financial foundation Enhance financial flexibility by maintaining diversified sources
of funding
Hedge against rising interest rates by refinancing with longer
term fixed rate borrowings 54CDLHT Asset Portfolio – Singapore
Grand Novotel
Copthorne Claymore Singapore
Properties Orchard Hotel Copthorne M Hotel Singapore Studio M Hotel
King’s Hotel Connect Portfolio
Waterfront Hotel Clarke Quay (1)
Located on
One of the largest Located in the Located within
Orchard Road, Stylish and
conference heart of financial close proximity to Located next to A family-friendly
with a large pillar- contemporary
facilities in district with strong CBD, Orchard Singapore’s mall with
Description less ballroom and design catering to -
Singapore – well- following of Road, Robertson premier enhanced retail
extensive business and
positioned for the business Quay and Clarke entertainment hub offerings
conference leisure segments
MICE market travellers Quay
facilities
Rooms 656 574 415 310 403 360 - 2,718
Date of
19 July 2006 19 July 2006 19 July 2006 19 July 2006 7 June 2007 3 May 2011 19 July 2006
Purchase
Title /
Leasehold Leasehold Leasehold Leasehold Leasehold Leasehold Leasehold
Remaining
interest / interest / interest / interest / interest / interest / interest / -
Term of Land
62 years 62 years 62 years 47 years 57 years 86 years 62 years
Lease (2)
Valuation (2) S$466.0M S$370.0M S$245.0M S$120.0M S$368.7M S$173.0M S$93.8M S$1,836.5M
(1) Divestment is expected to be complete on 30 Apr 2020
(2) As at 31 Dec 2019 except for Novotel Singapore Clarke Quay which was valued by Colliers International Consultancy & Valuation (Singapore) Pte Ltd on 15 Oct 2019 55CDLHT Asset Portfolio – Overseas
Novotel Brisbane Mercure Perth Ibis Perth
Properties Australia Portfolio
(Australia) (Australia) (Australia)
Comprehensive conference and
Situated in Perth’s CBD and within Located steps away from the
leisure facilities of 11 dedicated
Description walking distance to the Swan River, Murray and Hay Street shopping -
rooms with capacity for up to 350
shopping and entertainment districts belt within Perth’s CBD
delegates
Rooms 296 239 192 727
Date of Purchase 18 February 2010 18 February 2010 18 February 2010 -
Title / Remaining Term of
Strata Volumetric Freehold Strata Freehold Freehold -
Land Lease (1)
Valuation (1) A$73.0M / S$68.5M A$48.0M / S$45.1M A$31.0M / S$29.1M A$152.0M / S$142.7M
(1) As at 31 Dec 2019
Based on exchange rate of A$1 = S$0.9388 56CDLHT Asset Portfolio – Overseas
Raffles Maldives Hotel MyStays Hotel MyStays
Angsana Velavaru
Properties Meradhoo* Maldives Portfolio Asakusabashi Kamata Japan Portfolio
(Maldives)
(Maldives) (Tokyo, Japan) (Tokyo, Japan)
Located in central Tokyo,
Located near Keikyu-
Upmarket resort All-suite luxury resort, with with easy access to
Kamata Station which
offering a wide range of extremely spacious villas Asakusa & Akihabara. A
Description - is only a 10-min train -
dining, leisure and spa which are amongst the few stations away from
ride from Haneda
options largest in Maldives several popular
Airport
sightseeing spots
113 37
Rooms (79 beachfront villas (21 beachfront villas and 150 139 116 255
and 34 overwater villas) 16 overwater villas)
Date of Purchase 31 January 2013 31 December 2013 - 19 December 2014 19 December 2014 -
Title / Remaining
Leasehold interest / Leasehold interest /
Term of Land - Freehold Freehold -
28 years 36 years
Lease (1)
US$102.6M /
Valuation (1) US$57.6M / S$78.0M US$45.0M / S$61.0M ¥4.08B / S$50.5M ¥2.85B / S$35.3M ¥6.93B / S$85.8M
S$139.0M
*Previously known as Dhevanafushi Maldives Luxury Resort
(1) As at 31 Dec 2019
Based on exchange rate of US$1 = S$1.3548 and S$1 = ¥80.8407 57CDLHT Asset Portfolio – Overseas
Hilton Cambridge The Lowry Grand Millennium Pullman Hotel Hotel Cerretani
United Kingdom
Properties City Centre Hotel Auckland Munich Firenze CDLHT Portfolio
Portfolio
(United Kingdom) (United Kingdom) (New Zealand) (Germany) (3) (Italy) (4)
Iconic 5-star luxury
Upper upscale hotel New Zealand’s 4-star hotel boasting
hotel which is 4-star hotel located
and boasts a prime largest deluxe hotel an exceptional
located in proximity in close proximity to
Description location in the heart - which is located in location in the heart -
to the heart of major business
of Cambridge city the heart of of Florence’s historic
Manchester city districts
centre Auckland city centre
centre
Rooms 198 165 363 452 337 86 5,088
Date of
1 October 2015 4 May 2017 - 19 December 2006 14 July 2017 27 November 2018 -
Purchase
Title /
Remaining Leasehold interest / Leasehold interest /
- Freehold Freehold Freehold -
Term of Land 96 years (2) 127 years
Lease (1)
£115.5M / NZ$222.5M / €115.7M /
Valuation (1) £63.4M / S$111.5M £52.1M / S$91.7M €43.9M / S$66.0M (4) S$2,847.4M
S$203.2M S$200.5M S$173.9M (3)
(1) As at 31 Dec 2019
(2) The lease term may be extended for a further term of 50 years pursuant to lessee’s (CDLHT) option to renew under the lease granted by the head lessor (Cambridge City Council)
(3) On the basis of a 100% interest. CDLHT owns an effective interest of 94.5% in Pullman Hotel Munich
(4) On the basis of a 100% interest. CDLHT owns an effective interest of 95.0% in Hotel Cerretani Firenze
Based on exchange rates of NZ$1 = S$0.9009, £1 = S$1.7593 and €1 = S$1.5028 58Summary of Leases
Orchard Hotel, Grand Copthorne Waterfront Hotel, M Hotel, Copthorne King’s Hotel:
Rent: 20% of Hotel's revenue + 20% of Hotel’s gross operating profit, with a fixed rent floor of S$26.4 million
Term of 20 years from Listing (19 July 2006) with 20-year option
Claymore Connect:
H-REIT receives rents direct from tenants
Singapore IPO
Portfolio & Studio M
Studio M Hotel:
Rent: 30% of Hotel’s revenue + 20% of Hotel’s gross operating profit, with a fixed rent floor of S$5.0 million for the initial
10 years of the lease
Term of 20 years from 3 May 2011 with 20+20+10 years option
Novotel Singapore Clarke Quay:
Rent: Hotel’s gross operating profit less Accor’s management fee
Singapore NCQ The divestment of Novotel Clarke Quay has been announced on 21 Nov 2019 and approved by Stapled Securityholders
on 23 Jan 2020. The completion of the divestment is expected to be around end of April 2020.
59Summary of Leases
Grand Millennium Auckland:
New Zealand Rent: Net operating profit of the hotel with an annual base rent of NZ$6.0 million
Grand Millennium First 3-year term expired on 6 September 2019; lease provides for two 3-year renewal terms, subject to mutual
agreement
Auckland Lease renewed for second 3-year term from 7 September 2019, expiring 6 September 2022 (1)
Novotel Brisbane, Mercure & Ibis Perth:
Base rent + Variable rent
Australia Portfolio Base rent: A$9.6 million per annum
Variable rent: 10% of portfolio’s net operating profit in excess of base rent
Term ~ 11 years from 19 February 2010, expiring 30 April 2021
(1) Lease was renewed on 6 Jun 2019 60Summary of Leases
Germany Pullman Hotel Munich:
Pullman Hotel Rent: Around 90% of the net operating profit of the hotel subject to a fixed rent of €3.6 million
Term of 20 years from 14 July 2017, expiring 13 July 2037
Munich
Italy Hotel Cerretani Firenze - MGallery:
Hotel Cerretani Rent: Around 93% of the net operating profit of the hotel subject to a base rent of €1.3 million
Term of 20 years from 27 November 2018, expiring 26 November 2038
Firenze - MGallery
61Summary of Lease and Management Agreement
Angsana Velavaru:
Maldives Rent: Hotel’s gross operating profit less lessee’s management fee
Angsana Velavaru Tiered lessee’s management fee incentivises lessee to drive growth in gross operating profit
Term of 10 years from 1 February 2013, expiring 31 January 2023
Raffles Maldives Meradhoo:
Maldives HBT is the master lessee for the resort's operations
Resort reopened as “Raffles Maldives Meradhoo” in September 2019 after extensive renovation
Raffles Maldives AccorHotels is the hotel manager, appointed by HBT
Meradhoo Term of 20 years from 9 May 2019, expiring on 8 May 2039 (operator has right to extend another 5 years)
Typical management fees apply
62Summary of Management Agreement
Hotel MyStays Asakusabashi and Hotel MyStays Kamata:
HBT is the master lessee for the hotels’ operations
Japan Portfolio MyStays Hotel Management Co., Ltd. is the hotel manager, appointed by HBT
The hotel management agreements renew on a 3-year auto-renewal basis, unless terminated with notice
Typical management fees apply
63Summary of Management Agreement
Hilton Cambridge City Centre:
United Kingdom HBT is the asset owner and currently responsible for the hotel’s operations
Hilton Cambridge Hilton UK Manage Limited (an affiliate of Hilton Worldwide Inc.) is the hotel manager, appointed by HBT
Term of 12.25 years from 1 October 2015, expiring on 31 December 2027
City Centre Typical management fees apply
United Kingdom The Lowry Hotel:
The Lowry Hotel HBT is the asset owner and currently responsible for the hotel’s operations and management
64Location of
CDL Hospitality Trusts Properties
65Hotels in Strategic Locations
Singapore Hotels New Zealand Hotel
Orchard Hotel & Grand Copthorne Novotel
Grand Millennium
Claymore Connect Waterfront Hotel Singapore
Clarke Quay Auckland
H
H
H H
H
SINGAPORE
RIVER
CENTRAL MARINA BAY
BUSINESS SANDS H
DISTRICT
H
BUSINESS &
FINANCIAL
CENTRE SITE
Copthorne King’s Studio M Hotel M Hotel
Hotel AUCKLAND CITY CENTRE
66Hotels in Strategic Locations
Australia Hotels
Novotel Mercure
Brisbane Ibis Perth Perth
Brisbane CBD Perth CBD
H
H
H
CBD AREA
67Hotels in Strategic Locations
Japan Hotels
Hotel MyStays Hotel MyStays
Asakusabashi Kamata
Asakusabashi Kamata
H
H
68Hotels in Strategic Locations
United Kingdom Hotels
Cambridge Manchester
H
Hilton Cambridge City Centre The Lowry Hotel
69Hotels in Strategic Locations
Germany Hotel Italy Hotel
Munich Florence
H
H
Pullman Hotel Munich Hotel Cerretani Firenze - MGallery
70Resorts in Premium Destination
Angsana Velavaru
Malé Atoll
40 min
seaplane
flight
55 min
domestic
flight +
15 min
R speedboat Raffles Maldives Meradhoo*
ride
South
Nilandhe
Atoll
R
Gan International Airport
*Previously known as Dhevanafushi Maldives Luxury Resort 71THANK YOU
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